| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Fair |
| Demographics | 46th | Poor |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4000 Northstone Dr, Raleigh, NC, 27604, US |
| Region / Metro | Raleigh |
| Year of Construction | 2000 |
| Units | 24 |
| Transaction Date | 2002-01-31 |
| Transaction Price | $7,800,000 |
| Buyer | KUWA LLC |
| Seller | NORTHSTONE APARTMENTS LLC |
4000 Northstone Dr, Raleigh NC — 24-Unit Multifamily Opportunity
Neighborhood occupancy runs high and has edged up over the last five years, pointing to steady renter demand according to WDSuite’s CRE market data. With a 2000 vintage and a manageable 24-unit scale, the asset suits operators targeting durable cash flow with targeted upgrades.
4000 Northstone Dr sits in an Inner Suburb pocket of Raleigh that trends above metro median on several renter-relevant metrics among 331 Raleigh–Cary neighborhoods. Neighborhood occupancy is 96.8% with a five‑year uptick, a constructive backdrop for lease stability and pricing discipline. Renter-occupied housing accounts for roughly 40% of units locally, indicating a meaningful renter concentration and a consistent tenant base for small and mid-size multifamily.
Day-to-day convenience is a strength. Cafes and restaurants per square mile rank competitive among Raleigh–Cary neighborhoods (ranks 14 and 39 of 331), with grocery and pharmacy density also in the competitive range (ranks 34 and 31). Nationally, these amenities sit in the low‑80s percentiles, supporting resident satisfaction and retention. A notable trade-off is limited park access (park density ranks 331 of 331), which may require operators to emphasize on-site outdoor space or nearby private recreation options in marketing and renewals.
Within a 3‑mile radius, recent population was roughly flat over the last five years while household counts edged higher, suggesting smaller household sizes and a stable, diversified renter pool. Projections indicate population growth and a sizable increase in households through 2028, which should expand the local tenant base and support occupancy stability. Median household incomes in the 3‑mile radius have risen materially, and forecast gains point to more renters entering higher income brackets — a positive for lease qualification and renewal outcomes.
Ownership costs locally are elevated relative to incomes (value‑to‑income ratio ranks in a higher national percentile), while neighborhood median contract rents sit near the national mid‑range. For investors, this mix reinforces reliance on multifamily housing and can underpin lease retention, while a rent‑to‑income level near 0.21 signals manageable affordability pressure that supports collections and renewals. Based on CRE market data from WDSuite, school rating data for this neighborhood appear limited; operators may wish to highlight amenity access and commute convenience in resident outreach in lieu of school positioning.
Safety indicators in the immediate neighborhood track below national averages, with the area positioned in the lower national percentiles for both property and violent offenses. Within the Raleigh–Cary metro, the neighborhood’s crime rank sits on the less favorable side (rank 182 out of 331), signaling that prudent security planning and resident communication are important parts of operations.
Recent trends are mixed: estimated property offense rates have improved year over year, while violent offense estimates ticked up over the same period. For investors, this suggests value in reinforcing lighting, access controls, and community policies, and coordinating with local resources, while monitoring trend direction over time. All figures reflect neighborhood‑level patterns rather than block‑specific conditions.
Proximity to major employment nodes in greater Raleigh–Cary supports commute convenience and renter demand, including insurance, pharmaceutical distribution, and clinical research employers noted below.
- MetLife Auto & Home Craig Conley LUTCF — insurance (12.46 miles)
- MetLife — insurance (12.87 miles)
- Erie Insurance Group — insurance (13.96 miles)
- Amerisource Bergen — pharmaceutical distribution (14.38 miles)
- Quintiles Transnational Holdings — clinical research (15.78 miles) — HQ
This 24‑unit asset, built in 2000, offers an approachable scale with potential to modernize interiors and common areas for incremental rent lift while remaining competitive against older stock nearby. Neighborhood occupancy sits at 96.8% with a positive five‑year trend, and a meaningful share of renter‑occupied housing indicates depth in the tenant base. According to CRE market data from WDSuite, local amenities are a relative strength versus many Raleigh–Cary peers, while elevated ownership costs compared with incomes tend to sustain rental demand and support lease retention.
Within a 3‑mile radius, households have increased despite flat population, and projections call for population growth and a notable expansion in household counts by 2028 — a setup that can support occupancy stability and leasing velocity. Operators should weigh these positives against neighborhood safety readings that trail national norms and limited park access, addressing them through on‑site improvements, resident engagement, and targeted marketing.
- High neighborhood occupancy with five‑year improvement supports cash flow stability
- 2000 vintage enables targeted value‑add without full repositioning
- Strong amenity access and employment nodes nearby aid retention and leasing
- Elevated ownership costs reinforce renter reliance on multifamily housing
- Risks: below‑average safety metrics and limited park access require proactive operations